Redfin: Biggest Gap Between Sellers, Buyers on Record

(Image courtesy of David Vives/pexels.com)

Redfin, Seattle, reported there were 46.3% more home sellers than buyers in the housing market in February, the largest gap dating back to 2013.

In numerical terms, that’s 629,808 more. It also compares with a gap of 29.8% this time last year. It’s a clear buyer’s market, Redfin noted.

Redfin defines a buyer’s market as one where there are over 10% more sellers than buyers, and as a seller’s market one where there are over 10% fewer sellers than buyers. A gap of less than 10% in either direction is considered a balanced market.

The number of buyers in the market fell 2.4% month-over-month, to approximately 1.36 million. Sellers fell 0.4% to an estimated 1.99 million.

Homebuyers are pulling back due to the persistent high home prices and interest rates, layoffs and continuing economic and political uncertainty. And, some sellers are delisting after watching their homes sit on the market, among other reasons.

However, relistings and new listings are also slowly beginning to rise.

By location, the strongest buyer’s market was in Miami, which had 163% more sellers than buyers, followed by Nashville, Tenn., at 120%, Austin, Texas, at 112%, West Palm Beach, Fla., at 110% and San Antonio, at 104%.

The strongest seller’s market was Newark, N.J., with 31.1% fewer sellers than buyers, followed by Montgomery County, Pa., at 29% fewer, Nassau County, N.Y., at 25.8% fewer, Milwaukee, at 25.2% fewer, and New Brunswick, N.J., at 14.5%.